The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-09-10
THE CAPITAL CITY'S PLANS
The Stockholders Discuss the Practica-
bility of Piping Gas to the City.
They Find. However, that They Must Have
More Money Before Undertaking the Work
and Definite Action Is Postponed.

City NaturalgaS Company met In the Office or
the president, D. H. Wiles. last night, for the
purpose of talking over the affairs of the COM
pany and determining, if possible. what imme-
diate action should be taken with reference to
the piping of gas to the city. Ex-Mayor Caven
said he thought the stockholders, with few ex-
ceptions. were ignorant of what tho company
had done, and of how much gas had already
been found In the first place, he thought all
the stockholders should visit the wells and see
what had been done. Until they aid that they
could not act intelligently with reference to
mapping out plans for the future. He
thought immediate steps should be taken for the
sinking of at least two more wells. TO do this
more money would have to be raised. He also
said that before the company could hope to take
any steps toward piping gas to the city there
would have to be enlargement of the capital
stock. It should be raised from 800, 600. the
present amount, to 81, 000. 900. 1t would require
a great deal of money, he said, to get the gas
into the city, and in order to raise it the COM
pany would have to get itself on paper in such a
manner that the amount needed could be raised.
It reported by the secretary that of the
800, 600 capital stock, the company has for SUBJ
scription. but $12, 900 had been TAKEN and a res
olution passed setting forth the necessity of
raising SO. 900 for the sinking of TWO more wells,
and urging the stockholders to increase their
stock subscriptions. With this end IN view,
Stanton j. Peelle the attorney for the company,
was authorized to prepare subscription list to
be submitted to stockholders at once for their
signatures for more stock. It suggested
that the money needed could be easily
raised by increasing the number
of stockholders, but the proposition
met with disfavor from nearly all present who
ha al ST X
holders had carried the burdens of the company
far they should not share their bright pros
poets for the future by admitting stock
holders. In accordance with this feeling, it
decided that the present stockholders should be
given the preference in disposlng of the present
unsold stock. and also in the disposal of addi-
tional stock if more was issued.
Nothing definite done with reference
the enlargement of the capital stock. as it could
only be done at an annual meeting or the stock
holders,
After the disposal of the business for which
the meeting was previously called. there
general conference as to what should be done in
the matter of getting the fuel to the city. John
B. Elan thought that with all due respect to the
newspapers, there had been a great deal of mis-
resentation in regard to the amount of Gas
that had been found within piping distance OF
the city. and he felt certain that the company
should know exactly whatit was doing before it
took any advanced steps. There was defn-
lite way of measuring gas, and the output of the
wells, he thought, was only speculation.
At the request of the stockholders, President
mile of piping, which follows 6inch
pipe, Sc, 900; 8inch pipe, $1,000 10-inch pipe,
50 900 or $4,000 It was estimated that ten
inch pipe would convey the amount of gas
owned by the company.
Alfred F. Potts thought that the people of the
city were not aware of the amount of the gas
that the company had discovered. There had
been so much talk on the subject that the peo-
pie had lost confidence in anything that was
said. He believed it would he advisable for
the company to have Its large wells photo
graphed, and display the views in the business
windows of the city. The people seemed to
have lost confidence in the prospects of the city
receiving gas, and he thought an awakening
was needed.
Mr.. Wildman said that it was represented to
him that this company had ten million feet of
gas 1t that statement was true he did not
think the company should hesitate moment
about piping it to the city. The people. he said,
were all anxious to get gas. He thought the
company should begin By piping to Lawrence
and then to Brightwood. and getting the fuel in
the shops at the latter place. The company, ne
it would be to begin to supply Lawrence and
Brghtwood with the fuel. 1twould not be long
after its introduction into those two places
until there would be no trouble in raising money
enough to pipe it to the city. He urged that by
all means work should begin within the next
sixty days, even if the company had to lay a p |
inch pipe on top of the ground to Brightwood. |
All the people of this city wanted was an assur-
aDce that gas WAS coming, and they would have
no faith IN any company until it began to lay |
pipes. When they took that step there would /
be trouble in raising money.
The remarks of Mr.. Widmau did not meet |
With the approval of majority of those present. |
DR.. II. r. Allen said the company was no better |
prepared to begin piping gas than a. bird would |
be to fly without wings. To lay pipe would |
be to waste the plant. The company should not |
go ahead and contract for goods that they could |
not deliver. 1t should go ahead developing |
it's territory, and not think of laying |
any pines until it had fully twice as much gas as
it could sell. The piping question did not seem
to be favorite theme for discussion, and any
further consideration was postponed until the
stockholders had visited the several wells and
seen for themselves how much gas the company
had.
It was arranged to visit all of the companys
wells tonight. Tho stockholders will go in a
body. and will leave the corner of Pennsylvania
and Market streets at o'clock. An invitation
ia extended to all citizens who would like to see
the wells and all persons who desire to go will
leave their names at Aliens drug store by noon,
so that ample conveyances may be provided.
The cost to make tour of all the wells will be
but so cents. The directors hope that several
hundred people will accompany the excursion.